Increase in Long-Term Care Costs in Virginia Surpass National Trends; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs – QNT Press Release

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The cost of long-term care services in Virginia increased year-over-year, with increases associated with some services surpassing national trends. Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’s 2021 Cost of Care Survey.

National 2021 data shows a continuation of the upward trajectory in long-term care costs, though this year presented unique challenges as patients and providers adjusted to broader economic shifts and the effects of COVID-19. This year’s Cost of Care Survey shows national annual median costs increased across all provider types and increased more substantially for certain settings – assisted living facilities (4.65%), home health aids (12.5%), homemaker services (10.64%), and skilled skilled workers nursing facilities (1.96% for a semi-private room and 2.41% for a private room).

While labor costs are likely to remain a significant driver of future cost increases, providers indicated that elevated costs associated with PPE and other COVID-19 protocols such as testing, vaccination status tracking, and quarantining are likely to subside as we make continued progress on reducing COVID-19 case numbers.

The chart below shows how the cost of care in Virginia compares with national trends and the previous year. To see how costs have risen over a 5- or 10-year period, see the trend charts on www.genworth.com/costofcare.

Annual Median Cost of Long-Term Care Support Services for Virginia

Virginia

National

Care Category

2021

Annual

Cost

Change

Since 20206

State Rank

(High/Low)7

2021

Annual

Cost

Change

Since

20206

Homemaker Services

$57,2002

14%

39th

$59,4882

10.64%

Home Health Aide

$59,4422

13%

34th

$61,7762

12.5%

Adult Day Health Care

$20,2803

5%

34th

$20,2803

5.41%

Assisted Living…

Full story available on Benzinga.com

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